Ampol to buy EG Australia in $718.9 million deal
The fuel retailer would acquire EG Australia through A$800 million in cash, to be funded by existing debt, and Ampol shares valued at A$250 million, to be issued to EG Australia.
Ampol has been actively acquiring fuel networks in recent years, including Z-Energy and SeaOil, although some assets such as Gull NZ were later divested.
The deal would open the door for Ampol to acquire about 500 Ampol-branded company-owned and operated (COCO) sites and boost the company's retail growth.
"The combined network will have greater scale and significant cost synergies that will support strong returns and earnings growth for our shareholders," Ampol Chairman Steven Gregg said.
The deal is subject to approval from the Australian Competition and Consumer Commission, Ampol said in a statement.
The Australian Financial Review first reported the deal earlier in the day stating Ampol was in advanced talks to buy EG Group's Australian service station portfolio.
($1 = 1.5302 Australian dollars)
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